The United States stock market, the most iconic market in global capitalism, is rigged, — Michael Lewis Copy Share Image
“The U.S. financial markets had always been either corrupt or about to be corrupted.” — Michael Lewis Copy Share Image
“They were less and less able to buy and sell big chunks of stock in a gulp.” — Michael Lewis Copy Share Image
“the less the female presence, the less rational the approach to trading in the markets.” — Michael Lewis Copy Share Image
“All of a sudden the market is all about algos and routers. It’s hard to figure this stuff out.” — Michael Lewis Copy Share Image
Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the… — Michael Lewis Copy Share Image
Here was a strange but true fact: The closer you were to the market, the harder it was to perceive its folly. — Michael Lewis Copy Share Image
“The U.S. stock market now trades inside black boxes, in heavily guarded buildings in New Jersey and Chicago.” — Michael Lewis Copy Share Image
“They were combing the markets for bets whose true odds were 10:1, priced as if the odds were 100:1.” — Michael Lewis Copy Share Image
Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity… — Michael Lewis Copy Share Image
“Healtheon was worth whatever investors felt like paying for it, and that depended largely on public opinion. Healtheon was running for president.… — Michael Lewis Copy Share Image
“He wondered, often, what it would look like if and when the shit in question hit the fan: The stock market at… — Michael Lewis Copy Share Image
“Before Volcker’s speech, bonds had been conservative investments, into which investors put their savings when they didn’t fancy a gamble in the… — Michael Lewis Copy Share Image
“The initial promise of computer technology was to remove the intermediary from the financial market, or at least reduce the amount he… — Michael Lewis Copy Share Image
“The big banks and the exchanges have a clear responsibility to protect investors—to handle investor stock market orders in the best possible… — Michael Lewis Copy Share Image
“The only inexplicable aspect of the process was that economic theory (which is, after all, what economics students were supposed to know)… — Michael Lewis Copy Share Image
The world clings to its old mental picture of the stock market because it’s comforting; because it’s so hard to draw a… — Michael Lewis Copy Share Image
“Because the lenders sold many—though not all—of the loans they made to other investors, in the form of mortgage bonds, the industry… — Michael Lewis Copy Share Image
“The markets were now run by technology, but the technologists were still treated like tools. Nobody bothered to explain the business to… — Michael Lewis Copy Share Image
“After the markets closed Vinny would get into his Cadillac and drive out to his big house in Long Island. Now there… — Michael Lewis Copy Share Image
“The U.S. stock market now trades inside black boxes, in heavily guarded buildings in New Jersey and Chicago. What goes on inside… — Michael Lewis Copy Share Image
That was how a Salomon bond trader thought: He forgot whatever it was that he wanted to do for a minute and… — Michael Lewis Copy Share Image
“A big Wall Street bank’s biggest advantage was its access to vast amounts of cheap risk capital and, with that, its ability… — Michael Lewis Copy Share Image
“Take a typical three-hundred-million-dollar CMO. It would be divided into three tranches, or slices of a hundred million dollars each. Investors in… — Michael Lewis Copy Share Image
“The gist of Laszlo’s pitch for the equity department was this question: When you turn on your television at six-thirty and Dan… — Michael Lewis Copy Share Image
“By early 2005 all the big Wall Street investment banks were deep into the subprime game. Bear Stearns, Merrill Lynch, Goldman Sachs,… — Michael Lewis Copy Share Image
“On its surface, the booming market in side bets on subprime mortgage bonds seemed to be the financial equivalent of fantasy football:… — Michael Lewis Copy Share Image
The inability to envision a certain kind of person doing a certain kind of thing because you've never seen someone who looks… — Michael Lewis Copy Share Image
“Imagine, for instance, that someone passed a rule, in the U.S. stock market as it is currently configured, that required every stock… — Michael Lewis Copy Share Image
“As they worked through the order types, they created a taxonomy of predatory behavior in the stock market. Broadly speaking, it appeared… — Michael Lewis Copy Share Image
“Then came the so-called flash crash. At 2:45 on May 6, 2010, for no obvious reason, the market fell six hundred points… — Michael Lewis Copy Share Image
“The new structure of the U.S. stock market had removed the big Wall Street banks from their historic, lucrative role as intermediary.… — Michael Lewis Copy Share Image
“Someone out there was using the fact that stock market orders arrived at different times at different exchanges to front-run orders from… — Michael Lewis Copy Share Image
“As the U.S. stock market had grown less comprehensible, it had also become more sensationally erratic.” — Michael Lewis Copy Share Image
It is far better to keep the enemy close, by bribing him with stock options, than to have him out in the… — Michael Lewis Copy Share Image
“Allan confined himself to one investment decision: whether to buy shares in a new company when it went public.” — Michael Lewis Copy Share Image
“The U.S. stock market was now a class system, rooted in speed, of haves and have-nots. The haves paid for nanoseconds; the… — Michael Lewis Copy Share Image
“Reg NMS was intended to create equality of opportunity in the U.S. stock market. Instead it institutionalized a more pernicious inequality. A… — Michael Lewis Copy Share Image
“Crucial decisions are made, today as thousands of years ago, in terms of the intuitive guesses and preferences of a few men in positions… — Michael Lewis Copy Share
“You saw someone who reminded you of you, and then you looked for the reasons why you liked him. The” — Michael Lewis Copy Share
“At other places management says, ‘Well, gee, fellas, do we really want to bet the ranch on this deal?’ Lewie was not only willing… — Michael Lewis Copy Share
“BILLY WOULD SAY later that his wife left him because she was unnerved by his intensity—that she could even see it in his hands… — Michael Lewis Copy Share
“The great thing about baseball players, from the point of view of personal hygiene, is how seldom they break a sweat.” — Michael Lewis Copy Share
There was but one question he left unasked, and it vibrated between his lines: if gross miscalculations of a person's value could occur on… — Michael Lewis Copy Share
“The author refers to a player's affected nonchalance and comments he is, "too young to realize you are what you pretend to be.” — Michael Lewis Copy Share
A banking system is an act of faith: it survives only for as long as people believe it will. — Michael Lewis Copy Share
Some coaches believed they could judge a player's performance simply by watching it. In this they were deeply mistaken. The naked eye was an… — Michael Lewis Copy Share
“No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market, in much… — Michael Lewis Copy Share
“The difference between Strauss and Ranieri?” says one trader still at Salomon. “That’s easy. Strauss wouldn’t stoop to use the men’s room on the… — Michael Lewis Copy Share
“The only inexplicable aspect of the process was that economic theory (which is, after all, what economics students were supposed to know) served almost… — Michael Lewis Copy Share
“It's not easy to stand apart from mass hysteria - to believe that most of what's in the financial news is wrong, to believe… — Michael Lewis Copy Share
“Someone out there was using the fact that stock market orders arrived at different times at different exchanges to front-run orders from one market… — Michael Lewis Copy Share
